The pic is a production of Abrams’ Bad Robot Prods. and Steven Spielberg’s Amblin Entertainment. Spielberg and Abrams are producing with Bryan Burk. Par will release “Super 8″ in summer 2011.

Abrams wrote the screenplay, based on his original idea. Logline is being kept tightly under wraps, except to say it is inspired by Abrams’ favorite movies growing up, including some of Spielberg’s.

Chandler, star of TV series “Friday Night Lights,” was in last in theaters in “The Day the Earth Stood Still.” Fanning, younger sister of Dakota Fanning, stars in Sofia Coppola’s “Somewhere,” which recently won the Venice Film Festival’s Golden Lion Award.